March 30, 2022

Contact: Kim Walker, 704-940-3149

CHARLOTTE, N.C. – Home sales across the Asheville region declined in February, as buyers and sellers likely impacted by supply shortages, rising rates, economic concerns and global tensions in Europe, pulled back from the market last month. Sales around the 13-couinty region fell 16.4 percent year-over-year as 749 homes sold versus 896 that sold this time last year.  Month-over-month activity is down 17.3 percent according to data from Canopy MLS. These are completed transactions that include single family and condo/townhome data only.  

Pending contract activity, a reflection of buyer interest, also declined 4.1 percent year-over-year as 1,003 homes went under contract during the month. Pending sales compared to the month of January 2022 were also down by 8.2 percent. Pending sales typically predict future sales, as these sales tend to close in 40-60 days, however since this is the second consecutive month of year-over-year declines and month-over-month activity is also weak, sales over the next month could also be slow headed into the spring selling season.

New listing activity, also declined for a second consecutive month, falling 13.7 percent year-over-year as sellers listed 888 homes for sale. New listing activity compared to the previous month, shows an increase of 18.1 percent month-over-month, which is still a strong sign that seller activity is building just ahead of spring. 

Dave Noyes, a Canopy MLS Board of Directors member and Realtor®/broker eXp Realty said, “February’s slower sales activity is a combination of multiple things: economic concerns surrounding inflation, rising rates and rising costs in general, as well as global concerns surrounding tensions in the Ukraine-Russian war. Though contract activity is down, buyer interest is still strong, and we see that with the year-over-year increase in showing activity. Consequently, sellers cannot simply raise prices, but really need to assess changing market conditions to attract buyers still in the market.” 

Inventory continues to be critically challenged, with 1,077 homes for sale at report time or 0.9 months of supply (27 days of supply at the current sales pace). This time last year the region had almost double the number of homes for sale and about 1.8 months of supply. 

Diminishing inventory continues to impact prices. Both the median sales price ($355,000) and the average sales price ($431,676) rose by 17.5 percent and 17.3 percent year-over-year, while the average list price rose 15.6 percent year-over-year to $469,468. The Asheville region continues to highly favor sellers, as indicated by the original list price to sales price measure increasing year-over-year to 97.2 percent in February, while homes averaged 38 days on market until sale. compared to 56 days on market until sale this time last year. 

The Asheville region includes Burke, Buncombe, Haywood, Henderson, Jackson, Madison, McDowell, Mitchell, Polk, Rutherford, Swain, Transylvania and Yancey counties. 

Asheville MSA

Sales throughout the MSA were similar to the region, falling 16 percent year-over-year as 487 homes sold across the metro area. Pending contract activity also declined by 7 percent as 640 homes went under contract, which is just 48 less than the number of homes under contract in February 2021.  Inventory declined 48.2 percent year-over-year leaving 620 homes for sale or 0.8 months of supply (approximately 24 days of supply). Both the median sales price ($384,000) and the average sales ($466,405) rose 16.3 percent and 17.3 percent year-over-year respectively, while the average list price rose 20 percent year-over-year to $519,816**

Noyes added, “Showing numbers are telling us that demand in particular is being concentrated in our metros, specifically the cities of Asheville and Hendersonville, which means those areas will still see intense competition this spring, as aspiring buyers continue to rush to get ahead of further rate increases predicted for later on this year. This past February in the city of Asheville alone, listings averaged eight showings per listing.” 

Buncombe County home sales declined for a second month, falling 16.6 percent year-over-year as 267 homes sold during the month, compared to 320 that sold in February last year. Pending contracts were also down 8.3 percent year-over-year as buyers drove 363 homes under contract versus the nearly 400 that were under contract in February last year. Still, buyer interest as displayed by showings per listing is strong, particularly in the city of Asheville and adjacent areas was strong, an indication that competition will continue to be intense as the spring selling season gets underway. New listings were down 17 percent year-over-year as sellers listed 307 homes for sale versus 370 that were added to the market in February 2021. Prices increases continued, due to shrinking inventory. Inventory was down 50 percent at report time leaving 317 homes for sale or 0.7 months of supply (roughly 21 days of supply).  Both the median sales price ($415,000) and the average sales price ($515,221) increased 18.4 percent and 18.9 percent year-over-year respectively while the average list price increased 28.1 percent year-over-year to $613,095. The original list price to sales price ratio was 98.4 percent and indication that sellers are receiving nearly all of asking prices, while homes in Buncombe averaged 36 days on market until sale.   

Haywood County homes sales in February declined 6.5 percent year-over-year as 72 homes sold versus 77 this time last February, while pending contracts declined 13.6 percent as 76 homes went under contract versus 88 this time last year. New listing also declined 28.8 percent year-over-year as sellers listed 74 homes just thirty less than listed in February 2021. Prices are increasing in relation to shrinking supply.  Inventory at report time showed 120 homes for sale or one month of supply. Price inched higher as both the median sales price ($332,000) and the average sales price ($362,079) rose 22.1 percent and 23.5 percent year-over-year respectively, while the average list price rose 2.5 percent year-over-year to $360,678.The original list price to sales price measure showed sellers in Haywood received 96.7 percent of asking price in February 2022 while homes averaged 32 days on market until sale compared to 51 days on market this time last year. 

Henderson County home sales declined in February, falling 19.1 percent year-over-year as 127 homes sold versus 157 last February. Pending contract activity was unchanged as buyers wrote contracts for 181 homes during the month.  New listing activity inched up slightly as sellers listed 164 homes for sale, just one more than was listed in February 2021. Prices continued to rise in relation to declining inventory, which fell 44.6 percent, leaving 153 homes for sale at report time or 0.7 months of supply (21 days of supply).  Both the median sales price ($365,000) and the average sales price ($433,516) rose 10.6 percent and 15.3 percent year-over-year respectively while the average list price rose 12.6 percent year-over-year to $437,420.  The original list price to sales price ratio of 99.8 percent showed sellers in Henderson County commanding nearly all of asking price in February, while homes sold quickly, averaging 31 days on market until sale.

Madison County

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Home sales in Madison declined 19.2 percent year-over-year as 21 homes sold versus 26 that sold in February 2021, while pending contract activity declined 13 percent as 20 homes went under contract compared to 23 under contract in February 2021. New listing activity declined 40.6 percent year-over-year as sellers listed 19 homes for sale compared to 32 listed last February. Inventory showed 30 homes for sale at report time or 1.1 months of supply.  This will impact prices, which rose.  Both the median sales price ($350,000) and the average sales price ($402,333) rose 11.2 percent and 2.4 percent year-over-year respectively, while the average list price declined 16.5 percent to $343,618. The original list price to sales price ratio shows sellers in Madison receiving 94.7 percent of asking prices in February, while homes averaged 53 days on market until sale. 

Other counties around the region

Burke County sales in February declined 6.9 percent year-over-year as 54 homes sold versus 58 that sold in February 2021, while pending contract activity also declined 8.3 percent year-over-year with 77 homes going under contract. Sellers listed just 65 homes for sale, a decline of 19.8 percent year-over-year compared to 81 homes listed by sellers in February 2021.  Inventory at report time was down 47.8 percent year-over-year leaving 60 homes for sale or 0.7 months of supply. Both the median sales price ($223,500) and the average sales price ($269,754) rose 10.5 percent and 11.6 percent year-over-year respectively, while the average list price increased 2.5 percent to $230,949. This brought the original list price to sales price ratio to 95.7 percent as sellers received nearly all of asking price in February.  Days on market indicated homes sold quickly and averaged 32 days on market until sale. 

(Due to small sample size of homes for sale, percentages of change can look extreme.) Jackson County had 18 homes sales in February 2022 compared to 28 this time last year, a decline of 35.7 percent year-over-year while pending contracts declined 6.5 percent as 29 homes went under contract.  Sellers listed 23 new listings in February compared to 32 this time last year, a decline of 28.1 percent year-over-year. Prices continue to edge up.  Both the median sales price ($352,000) and the average sales price ($400,881) increased 21.4 percent and 38 percent year-over-year respectively, while the average list price in Jackson increased 109 percent to $555,591.  The original list price to sales price ratio of 96.5 percent, shows sellers receiving nearly all of asking price in Jackson County, while days on market until sale showed homes selling much faster than last year at 38 days on market until sale versus 98 days on market this time last year. 

McDowell County sales in February declined 11.8 percent year-over-year as 30 homes sold versus 34 this time last year, while pending sales increased 42.9 percent as buyers put 40 homes under contract during the month, versus 28 in February 2021. New listing activity was down 10.8 percent as sellers listed 33 homes for sale just four less than was listed last February.  Inventory like other counties around the region is tight and fell 52.7 percent year-over-year leaving 43 homes for sale or one month of supply.  Both the median sales price ($311,000) and the average sales price ($528,731) rose 30.9 percent and 96.5 percent year-over-year respectively, while the average list price rose 22.4 percent to $360,409.  This brought the original list price to sales price ratio to 95 percent in February showing sellers inching closer to asking prices while homes averaged 47 days on market until sale.

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Mitchell County had 14 homes sell in February 2022 compared to 16 last year, while there were 13 pending sales compared to 16 that happened a year ago.  New listings also were unchanged at 12 new listings in February. With inventory showing 28 homes for sale or 1.6 months of supply, prices increased.  Both the median sales price ($247,500) and the average sales price ($278,648) rose 19.3 percent and 18.4 percent year-over-year respectively, while the average list price decreased 46.3 percent to $249,234.  This brought the original list price to sales price ratio to 93.7 percent while homes were on market an average of 109 days in February 2022. 

Polk County had 21 homes sell in February versus 24 that sold this time last year, while pending contracts were unchanged at 33 homes going under contract during the month.  New listings showed sellers listed 28 homes for sale versus 41 listed in February 2021, which does little to help the inventory which registered 47 homes for sale at report time or 1.3 months of supply. Both the median sales price ($465,000) and the average sales price ($628,659) rose 61.7 percent and 52 percent year-over-year respectively, while the average list price declined 12.9 percent year-over-year to $493,432. This brought the original list price to sales price ratio to 92.8 percent while homes averaged 66 days on market until sale in February versus 53 days on market in February 2021.

Rutherford County home sales declined 4.1 percent year-over-year as 71 homes sold in February, versus 74 that sold in February 2021, while pending contract activity showed buyer interest steady, rising 10.4 percent year-over-year as 85 homes sold versus 77 this time last year. New listing activity rose 12.5 percent year-over-year as sellers listed 81 homes for sale in February versus 72 listed last February.  Inventory at report time showed 86 homes for sale versus 123 last year, and one month of supply.  Prices were mixed.  The median sales price ($235,000) rose 16.6 percent year-over-year, while the average sales price declined 5.9 percent to $266,174.  The average list price increased 9.5 percent year-over-year to $325,235.  This brought the original list price to sales price measure to 95.8 percent while homes sold quickly in February 2022, averaging 29 days on market until sale.

(Due to small sample size of homes for sale, percentages of change can look extreme.)

Swain County had only four homes sold during the month of February 2022, while seven homes went under contract during the month. Sellers only listed seven homes for sale compared to eight last year. Inventory, surprisingly was unchanged and showed nineteen homes for sale or 3.1 months of supply.  Both the median sales price ($248,500)  and the average sales price ($251,000) declined 32.8 percent and 40 percent year-over-year respectively, while the average list price rose 111.9 percent year-over-year to $411,700. This brought the original list price to sales price ratio to 95.9 while homes were on market 57 days compared to 67 days in February 2021. 

Transylvania County had 34 homes sold in February 2022 compared to 56 that sold this time last year, a decrease of 39.3 percent year-over-year while pending contracts fell 10.5 percent year-over-year as buyers drove 51 homes under contract during the month versus 57 this time last year. New listings also slipped 5.4 percent year-over-year as sellers listed 53 homes for sale versus 56 listed in February 2021.  Inventory at report time showed 89 homes for sale or 1.5 months of supply. Both the median sales price ($470,000) and the average sales price ($473,284) rose 54.4 percent and 8.8 percent year-over-year respectively, while the average list price declined 6.7 percent to $531,014. Sellers in Transylvania County received 94.8 percent of asking price according to the original list price to sale price ratio in February while homes averaged 54 days on market until sale.

Yancey County had only 16 homes sold in February, a decline of 15.8 percent year-over-year compared to 19 that sold in February 2021.  Pending sales counts were unchanged at 28 homes under contract during the month.  New listings however showed sellers listed 22 homes for sale an increase of 4.8 percent year-over-year compared to 21 that were listed last February.  Inventory dropped 59.6 percent leaving 46 homes for sale or 1.4 months of supply. Both the median sales price ($297,800) and the average sales price ($340,319) rose 4.5 percent and 8.6 percent year-over-year respectively while the average list price rose 34.1 percent to $447,768.  This brought the original list price to sales price ratio to 93.1 percent in February while homes sold quickly, averaging 32 days on market until sale versus 119 days in February 2021.

For more residential-housing market statistics, visit www.CarolinaHome.com and click on “Market Data.”  For an interview with an Asheville-area Realtor®/broker, please contact Kim Walker.

Canopy MLS is a wholly-owned subsidiary corporation of Canopy Realtor® Association and is the private broker cooperative used by Realtors® to bring buyers and sellers together with access to thousands of residential listings in a multicounty service area, including Charlotte, the mountains area of North Carolina, South Carolina, and beyond. Canopy MLS, which has 21,000 subscribers, provides the most trustworthy, timely, accurate and complete property data along with proprietary tools for showings, market stats, predictive analytics, and more. Canopy MLS is used by its members to support consumers in their residential real estate transactions, whether selling, buying, investing or renting.

Original Publish Date: 3/30/2022